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12th CBSE Accountancy Unit 1 Accounting for Partnership Firms - Fundamentals One Mark Question Paper

Published on: 23/08/2019

Accounting for Partnership Firms - Fundamentals

Download CBSE Class 12th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 12th Standard CBSE Accountancy

Questions + Answers key

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QB365 Student Learing Managemnet System

Std: 12th Standard CBSE - Accountancy

chapter: - Model Question paper

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Questions:

1 Marks

9 x 1 = 9

How does the factor " efficiency of management" affect the goodwill of the firm ?

How does the factor 'location' after the goodwill of a firm ?

What is normal profit ?

Why is "Goodwill" considered an 'intangible Asset' but not 'Fictitious Asset'?

Define goodwill.

What is meant by goodwill ?

A, B and C are partners decided that no interest on drawings is to be charged to any partner. But after one year 'C' wants that interest on drawings should be charged to every partner. State how 'C' can do this.

A Partnership deed provides for the payment of interest on capital but there was a loss instead of profits during the year 2010-2011. At what rate will the interest on capital be allowed ?

State the provisions of Indian Partnership Act, 1932 regarding the payment of remuneration to a partner for the services rendered.

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Answers Key:

1 Marks

9 x 1 = 9

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The efficiency of management enjoys the advantages of high productivity and cost efficiency. This leads to higher profits and therefore, has more goodwill

()
Favourable location of a business will attract more customers, result in higher sales and therefore, has leads to higher profits and therefore, has more value of goodwill.

()
Normal profit = Capital Employed \(\times \frac {Rate of Return}{100}\)

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Goodwill cannot be seen and touched but it can be felt. It is invisible, hence it is treated as an intangible asset and it is not a fictitious asset because it can be purchased or sold with another asset.

()
Goodwill is the value of the reputation of a firm in respect of profits expected in furture over and above the normal profits earned by other firms in the same business.

()
Goodwill is the value of the reputation of a firm in respect of profits expected in furture over and above the normal profits earned by other firms in the same business.

()
C can only do this if all other partners A and B agreed.

()
No interest on capital will be allowed as there was loss in the firm.

()
According to provisions of Indian Partnership Act regarding the payment of remuneration to the partners for the services rendered will not be allowed.